At this point I think we should have proper vertical mobility
With the increased verticality of the game I think we should have ways of getting up and down that are more proper than the water bucket trick or just plain old block stacking.
I made a suggestion some time ago that we should at least have a climbing mechanic with pickaxes or climbing gear, if not descendible ropes, grapples, etc.
This would especially help in the nether.
EDIT: To be specific, this is primarily for early game and mid game exploration. Also, some variation of a parachute would be wonderful for the nether.